CITICORP

formerly (196774) First National City Corporation, American holding company incorporated in 1967, with the City Bank of New York, National Association (a bank tracing to 1812), as its principal subsidiary. The latter's name changed successively to First National City Bank in 1968 and to Citibank, N.A. (i.e., National Association), in 1976. Citicorp was the holding company's popular and trade name from its inception but became the legal name only in 1974. Headquarters are in New York City. In 1811 the U.S. Congress refused to renew the charter of the First Bank of the United States, the country's central bank, which had branches in such cities as New York. Thus on June 16, 1812, some of the First Bank's New York shareholders and other investors secured state incorporation of the City Bank of New York, which was later established in the branch banking rooms of the old First Bank. The bank grew as New York City became the nation's commercial and financial capital, and in 1865 it was chartered under the National Bank Act and renamed the National City Bank of New York. In 1897 it became the first large American bank to open a foreign department, and in 1915 it became America's leading international bank upon the purchase of International Banking Corporation (founded 1902), which had 21 overseas offices in 13 countries and territories. Other mergers and acquisitions in the United States and overseas expanded the bank. Notably, in 1931 it acquired the Bank of America, N.A. (another descendant of the First Bank of the United States and no relation to the California-based bank), and in 1955 it merged with the First National Bank of the City of New York (founded 1863). Upon this latter merger, the consolidated company took the name of First National City Bank of New York. In 1967 the holding company Citicorp was created to hold the stock of the First National City Bank of New Yorkrenamed City Bank of New Yorkand to hold the stock of subsidiaries to be newly acquired or split off from the bank, such as a finance company, a traveler's check company, and other related financial operations. The holding company setup improved the company's long-range conglomerating possibilities. In the late 1970s Citicorp pioneered the installation of a network of automated teller machines throughout its branch offices. The company secured an important share of the American credit card business by purchasing Carte Blanche Corporation in 1978 and Diners Club, Inc., in 1981. In 1982 and 1983 Citicorp made three major acquisitionsFidelity Savings and Loan Association of San Francisco, First Federal Savings and Loan of Chicago, and New Biscayne Savings and Loan Association of Floridawhich increased its assets by more than $8,500,000,000 and expanded its interstate banking operations significantly. By the late 20th century Citicorp was the largest American bank and one of the largest financial companies in the world, with about 3,000 branch offices worldwide.